Cryptocurrencies traded higher on Friday after a volatile week. Bitcoin was holding above $33,000 support at press time and is roughly flat for the week. Technical charts suggest buyers will remain active above $30,000, although upside momentum is starting to slow heading into the weekend.
“The possibility of price action dropping into the mid-$20,000 range is alive, but traders looking for a retest of previous all-time highs will likely be disappointed,” Sean Rooney, head of research at crypto asset manager Valkyrie Investments, wrote in an email to CoinDesk.
Latest prices
- S&P 500: 4369.55, +1.13%
- Gold: $1808.4, +0.31%
- 10-year Treasury yield closed at 1.358%, compared with 1.297% on Thursday
“The May price drop was dramatic, whereas the on-chain reaccumulation of the bitcoin sold in that downturn into longer-term holders has occurred throughout eight weeks of sideways price action,” Rooney wrote. “This sets up well for an end-of-summer rally heading into the fourth quarter.”
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